Impact Forecasting, the catastrophe model development centre within Aon Benfield, announces the launch of a new European windstorm model which allows insures to incorporate their own claims data.
Three years in development, the system allows customised modelling based on individual insurer’s portfolios to achieve better representation of risk. In addition, new events can be added to the model to forecast losses for ongoing or hypothetical events. The model also takes clustering into account.
Adam Podlaha, global head of Impact Forecasting, says: “windstorm is the most damaging peril in Europe so bringing an additional view on the risk – and new insight into the financial impact of clustering – is invaluable to the market. In line with the proposed Solvency II regulatory framework, Impact Forecasting’s transparent approach to catastrophe modelling means insurers can develop and truly own their view of risk.
Currently the model covers Belgium, France, Denmark, Germany, Ireland, Luxembourg, the Netherlands and the UK. It was developed in collaboration with the department of meteorology and climatology at the University of Cologne, an Aon Benfield research partner.
The next phase of development will see Central Europe and Scandinavia added to the model.
modelling, Europe, windstorm